With market dynamics leading to record prices and at least a two-decade-low for incentives, new-vehicle affordability declined again in October. October’s affordability decline was worsened by a decline in median income, which is a product of fading government support. The number of median weeks of income needed to purchase the average new vehicle in October … Continued
Inflation rose in October to the highest year-over-year level since October 1990. While the consumer credit expansion pace accelerated in September, auto loan originations slowed modestly in the third quarter from the record pace of originations in the second quarter. Auto loan performance deteriorated again in October and is starting to normalize from historically low … Continued
Certified pre-owned (CPO) sales reached 216,957 units in October. This sales level reflects a 5% month-over-month decrease and a 7% year-over-year decrease. Despite a slowing sales pace, CPO continues its strong performance in October as an important part of the used-vehicle market recovery. CPO SALES With 2,380,337 units sold through October, year-to-date CPO sales are up … Continued
Access to auto credit expanded again in October, according to the Dealertrack Auto Credit Availability Index for all types of auto loans. The All Loans Index increased 1.6% to 100.5 in October, reflecting that auto credit was easier to get in the month compared to September. Access was looser by 6.8% year over year and … Continued
New-vehicle prices jumped up for a seventh straight month and hit another all-time high in October 2021, surpassing $46,000 for the first time, according to a new report from Kelley Blue Book. At $46,036, the average transaction price (ATP) for a new vehicle was up 12.9% (or $5,266) from one year ago in October 2020 … Continued
The video below is part of a biweekly Auto Market Report series focusing on data and insights that provide a holistic view of the auto industry. Chief Economist Jonathan Smoke leads our effort to translate data and trends into actionable insights. Download this week’s presentation.
America’s love affair with the automobile is well documented and an important part of our culture. Who doesn’t remember the first time they drove, their first car, and the freedom that came with it? Unfortunately, not many Americans love BUYING a car. Our industry needs to address that challenge more aggressively. We want the purchase … Continued
BMW retained its spot as the most-shopped luxury brand, but Lexus is closing in on the German brand, according to the Kelley Blue Book Brand Watch™ report for Q3 2021. The Kelley Blue Book Brand Watch report is a consumer perception survey that also weaves in consumer shopping behavior to determine how a brand or … Continued
Nissan reports quarterly financial results on Tuesday, November 9. It marks the second quarter – the halfway point – of Nissan’s fiscal year that ends March 31, 2022. The global computer chip shortage forced Nissan to cut production, with some of its U.S. plants closed for several weeks. Its U.S. sales didn’t suffer as much … Continued
October saw an acceleration of job gains as the labor market is improving following the peak of the Delta variant wave and the end of the pandemic unemployment assistance in September. New-vehicle sales showed gains over September, which posted the lowest seasonal pace of sales. The used-vehicle retail market was flat and still slower than … Continued
